Standard Mortgage Terms - cmidocs.com

1 5453-2016/03 British Columbia Page 1 of 45 Standard Mortgage Terms Filed By: Canadian Imperial Bank of Commerce Filing Number: MT160006 Filing Date: March 17, 2016 The following set of Standard Mortgage Terms shall be deemed to be included in every charge in which the set is referred to by its filing number, as provided in section 225 of the Land Title Act. The Terms of this set of Standard Mortgage Terms may be modified by additions, amendments or deletions in the schedule attached to the registered document. Contents 1. Definitions .. 4 2. What this Mortgage does .. 5 Your interest in your property .. 5 Who is obligated by this Mortgage .

2 6 Changing or renewing this Mortgage (also important to anyone who has a subsequent interest in your property) .. 6 Building Mortgage .. 7 Making material 7 3. Interest .. 8 Interest 8 Payment frequency .. 8 If you have a fixed interest rate Mortgage .. 8 If you have a variable interest rate Mortgage .. 8 Interest on amounts advanced to you before the interest adjustment date .. 9 Interest on overdue amounts .. 9 Interest adjustment when payment frequency changes .. 9 4. Payments on the loan amount .. 10 Currency and place of payment .. 10 Regular payments .. 10 Bank account for payments .. 10 Payments on amounts advanced to you before the interest adjustment date.

3 10 The effect of variable interest rates on your payments .. 11 Payment on default .. 11 Demand to repay the total loan amount immediately .. 12 How we apply your payments .. 12 Changing the amount of your regular payment .. 14 5453-2016/03 British Columbia Page 2 of 45 Prepaying your open Mortgage without paying a prepayment charge .. 14 Prepaying your closed Mortgage without paying a prepayment charge .. 15 Prepaying your Mortgage with prepayment charges .. 16 Prepayments if the property has more than four living units or if the property is used for commercial, industrial or non-residential purposes .. 20 Prepayment after default.

4 20 Date of the 20 Repaying the cash back option .. 20 5. Early renewal of open mortgages .. 21 6. Converting your Mortgage .. 21 7. Automatic renewal of the Mortgage .. 22 Automatic renewal of fixed rate mortgages .. 22 Automatic renewal of variable rate mortgages .. 23 8. Designated amount .. 23 9. Your obligations related to your property .. 23 Protecting your title and our interest .. 23 If you are a tenant or a lessee of your property .. 23 Demolition and alterations .. 25 Insurance .. 25 Property taxes .. 26 Repairs .. 28 Leasing or renting your property to another person .. 28 Hazardous or illegal substances, environmental regulations, and illegal activities.

5 30 Homeowner Protection Act .. 31 Possession of your property on default .. 31 10. Strata Property .. 31 Compliance with the Strata Property Act .. 31 Payment of amounts and common expenses .. 31 Notices and demands .. 32 Voting rights .. 32 Acceleration of repayment of the loan amount .. 33 Insurance .. 33 11. Our rights .. 34 We are under no obligation to make advances to you under the Mortgage .. 34 Releasing your property from the Mortgage .. 34 Enforcing our rights .. 34 Delay in enforcing our rights .. 36 If we do not enforce our rights on a particular default .. 36 Court orders and judgments.

6 36 5453-2016/03 British Columbia Page 3 of 45 Doctrine of consolidation .. 36 Administration and processing fees .. 37 Certain actions we can take .. 38 Purchaser or lessee .. 38 12. If you sell or transfer your property .. 38 13. Guarantee .. 39 14. Assumption of the Mortgage .. 40 15. 40 If this Mortgage is a CIBC Variable Flex Mortgage .. 40 If this Mortgage is not a CIBC Variable Flex Mortgage .. 41 16. 42 17. Family Relations Act .. 42 18. If part of the Mortgage is not valid .. 43 19. National Housing Act .. 43 20. Reference to laws .. 43 21. Collecting, using, and disclosing your personal information.

7 43 22. Discharge .. 44 5453-2016/03 British Columbia Page 4 of 45 1. Definitions This section defines specific Terms you will find in this set of Standard Mortgage Terms : Registered document means the document which is or will be registered in the applicable land title office and which incorporates by reference these Standard Mortgage Terms . Mortgage means: the registered document which is the part of this Mortgage that is or will be registered against the title to your property; this set of Standard Mortgage Terms ; any Schedules that are attached to the registered document; and any renewals or amendments. You and your mean each person, corporation and other entity who has signed the Mortgage as a borrower.

8 This includes the personal and legal representatives of each person, corporation and other entity. We and us mean the financial institution (mortgagee) that is lending you the money. Our also refers to this lender. CIBC means Canadian Imperial Bank of Commerce. Your property means the land described on the registered document. It includes all buildings and structures on the land now or added later, as well as anything attached now or later to the land or to any building or structure on the land. This includes any improvements, substitutions, additions or alterations made to any building, structure or the land. If your property is a strata lot, your property includes your interest in the common property and any other interest that you may have in the assets of the strata corporation.

9 Any references to your property mean all or any part of your property. Principal amount is the amount of money identified as the principal amount on the registered document. Your regular payment means the amount of each payment as described on the registered document. Loan amount means the amount of money you owe us at any given time under this Mortgage . It is the balance you owe on the loan. The loan amount may include unpaid principal, interest on unpaid principal, defaulted payments, interest on defaulted payments, other charges and interest on other charges. Other charges may include the expenses of enforcing our rights as well as paying off any prior charges against your property.

10 These may include such things as: costs for preparing and registering this Mortgage ; costs for providing insurance, if we decide to insure your property; 5453-2016/03 British Columbia Page 5 of 45 costs for inspecting your property; all of our administrative and legal costs; and paying any charges or liens against your property that we have not agreed to in our loan approval document such as taxes owing on your property. Interest Adjustment Date is the date identified as the interest adjustment date in the Mortgage . It is one payment period before the first regular payment date. CI BC Prime Rate is the annual variable reference rate of interest that CIBC declares from time to time as its prime rate for Canadian dollar loans made by CIBC in Canada.